The treasurer of Kingpin Company has accumulated the following budget information for

first two months of the coming fiscal year:

	March	April
Sales.	$900,000	$1,040,000
Manufacturing costs	580,000	700,000
Selling and administrative expenses	82,800	92,800
Capital additions

The company expects to sell about 25% of its merchandise for cash. Of sales on account, 60% are collected in full in the month of the sale, and the remainder in the month following the sale. 80% of the manufacturing costs are paid in the month in which they are incurred, and the balance in the following month. Depreciation, insurance, and property taxes represent $12,800 of the monthly selling and administrative expenses. Insurance is paid in February, and property taxes are paid yearly in September. A $20,000 installment on income taxes is to be paid in April. Of the remainder of the selling and administrative expenses, one-half are to be paid in the month in which they are incurred and the balance in the following month. Capital additions of $325,000 are paid in March. Current assets as of March 1 are composed of cash of $90,000 and accounts receivable of $102,000. Current liabilities as of March 1 are accounts payable of $243,000 ($204,000 for materials purchases and $39,000 for operating expenses). Management desires to maintain a minimum cash balance of $40,000. REQUIRED:

Prepare a monthly cash budget for March and April.